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Silvergate Bank Goes Tango Uniform

There are times when you can say “see I told you so” and there are times you can say “by God you people are effing morons.”

The failure of Silvergate Bank and all of the upcoming “crypto” financial units and “currencies” is a prime example. From CNBC tonight:

Crypto-focused bank Silvergate is shutting operations and liquidating after market meltdown

Excerpt to highlight the insanity:

All deposits will be fully repaid, according to a liquidation plan shared on Wednesday. The company didn’t say how it plans to resolve claims against its business.

Want to bet?

The worst part is after last night’s story which I posted is that even the FDIC won’t touch this garbage!

Let’s remember the con artists at FTX promised the same thing.

It’s a Ponzi scheme who think they are protected by the government most investors fail to see these failures as they happen; losing thousands and perhaps millions of dollars as a result. With the Western governments going after crypto assets it is only a matter of time until a regulatory nightmare hits the trading systems themselves pushing more cryptocurrencies to zero and institutions into insolvency.

Buckle up, as ZeroHedge likes to say:

On a long enough timeline the survival rate for everyone drops to zero.

This is especially true of any financial asset the insolvent governments of the West wish to seize.

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